PYPL dominated by bulls lifting the market higher throughout the day
PayPal Holdings Inc. (PYPL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
PYPL ended the month 12.4% higher at 174.23 after surging $5.88 (3.49%) today, significantly outperforming the Nasdaq 100 (1.96%). Today's close at 174.23 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 171.48, the stock confirmed its breakout through the prior session high after trading up to $3.21 above it intraday.
Daily Candlestick Chart (PYPL as at Jun 30, 2020):
Tuesday's trading range has been $5.23 (3.06%), that's slightly above the last trading month's daily average range of $5.09. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PYPL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, PYPL actually lost -0.94% on the following trading day.
Prices are trading close to the key technical resistance level at 175.40 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.